GBP/USD: Elliott wave analysis and forecast for 07/08/2020 – 14/08/2020

The pair GBP/USD is likely to fall into a correction. Estimated pivot point is at a level of 1.3185.

Main scenario: consider short positions from corrections below the level of 1.3185 with a target of 1.2953 – 1.2892.

Alternative scenario:  breakout and consolidation above the level of 1.3185 will allow the pair to continue rising to the levels of 1.3285 – 1.3515.

Analysis: Presumably the third wave of larger degree (3) continues developing on the daily time frame, with wave 3 of (3) forming inside. Presumably, the third wave of smaller degree iii of 3 of (3) is forming on …<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>